ASX uranium stocks surge as spot price hits 17-year high
Led in early trade by near term miner Deep Yellow (ASX:DYL), enrichment hopeful Global Uranium (ASX:GUE), and red-hot WA explorer Cauldron Energy (ASX:CXU)
Mako Gold also up +30% in morning trade on no news
Here are the biggest resources winners in early trade, Friday February 2.
ALL THE URANIUM STOCKS (AGAIN)
Another big day for uranium stocks on the ASX after spot prices raced to their highest point since mid 2007.
Spot #Uranium soared today to highs not seen since mid 2007with #Nuclear fuel brokers @Numerco & @EvoMarkets UP +$5.84 to $106.50/lb #U3O8 and US @UraniumMarkets UP +$6.00 to $106.25 with sellers asking $109 as scramble breaks out to secure lbs in a barren market. pic.twitter.com/zZ40x69Xlh
— John Quakes (@quakes99) February 1, 2024
Oh my God… look at that bid! #uranium @energyburrito pic.twitter.com/s7C9JNTbTt
— Uranium Corgi (@UrTokenCorgi) February 1, 2024
It comes after world #1 producer Kazatomprom downgraded guidance for 2024, blaming construction delays and the availability of sulphuric acid for processing.
“If the limited access to sulphuric acid continues through the current year and the company does not succeed in reducing the delay in the construction schedule at the newly developed deposits in 2024, this could unfavourably influence Kazatomprom’s production plans for 2025,” the company says in its quarterly update.
Bullish. After an exceptionally strong January, ASX yellowcake stocks shot out of the gate on Friday in response, led by near term miner Deep Yellow (ASX:DYL), enrichment hopeful Global Uranium (ASX:GUE), and red-hot WA explorer Cauldron Energy (ASX:CXU), which is now up 450% over the past 12 months.
NOW READ: Tribeca’s Guy Keller doesn’t ask why uranium could hit US$175/lb … he asks why not?
ASX Uranium Stocks Today
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MAKO GOLD (ASX:MKG)
(Up on no news)
The $15m capped African gold junior is enjoying a nice bounce in 2024, up 70% year-to-date.
Mako’s focus is on Napié in Côte d’Ivoire, one of the less challenging countries in West Africa, where it has a 868,000oz-and growing resource.
In efforts to bolster its inventory the company is currently doing a bunch of low-cost mapping/ sampling exercises across the project area to generate new targets for drill testing.
New sampling results announced yesterday from the Tchaga North target include 79.50g/t, 60.66g/t, and 44.73g/t.
“The mapping and rock chip sampling program which identified the yet to be drilled east-west structures hosting gold-bearing quartz veins, indicate that we may have discovered a high-grade system at Tchaga North,” the company says.
“After the completion of the mapping/rock chip sampling program, we will prioritise the areas and plan new holes to test these structures with north-south oriented drill holes.”
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